Fine Print: Reading an Auto Lease Agreement

How much does Chad have to pay the dealership on the day he signs his lease agreement?

• $256.94

• $400.00

• $3,500.00

• $4,241.94

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How many years is Chad’s lease for?

• 3 years

• 4 years

• 5 years

• 6 years

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What is Chad’s monthly lease payment?

• $150.00

• $244.69

• $256.94

• $400.00

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What day of the month is Chad’s monthly payment due?

• The 1st

• The 15th

• The 30th

• It’s different each month

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If Chad decides to turn in his car after the lease instead of buying it, how much will it cost him to do so assuming he doesn’t have any excessive mileage or damage?

• There will not be a fee

• $150.00

• $400.00

• $1000.00

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What is the total out of pocket expense that Chad will pay to lease this car, assuming he incurs no additional usage or wear expenses?

• $4,241.94

• $12,350.00

• $16,368.12

• $22,300

How much is the dealership expecting the car’s value to decrease over the course of the lease?

• $3,500.00

• $5,295.00

• $6,450.00

• $12,350.00

At the end of his lease, how many total miles can Chad have on his car without incurring an extra charge?

• 10,000 miles

• 20,000 miles

• 30,000 miles

• 40,000 miles

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If Chad brings back the car in 4 years with 41,000 miles on it, how much extra will he have to pay for excessive use?

• $0

• $150

• $1,650

• $12,350

If Chad wants to buy this car at the end of his lease, what will the car’s value be?

• $11,745.00

• $12,350.00

• $18,800.00

• $22,300.00